[caption id="attachment_67987" align="aligncenter" width="600" caption="Sean Quinn."]
He was once Ireland's richest man, but that has all changed.
Entrepreneur Sean Quinn has declared himself bankrupt in a Belfast court, this resulting from nearly €3 three billion of debts to the former Anglo-Irish Bank.
The businessman's multi-billion empire collapsed over the last two years on the back of massive stock market gambles on the share price of the now nationalized rogue lender.
But the bank, which has been re-branded as the Irish Bank Resolution Corporation (IBRC), warned that Mr. Quinn and his family owe the Irish state €2.9 billion and challenged his claim of UK residency.
The 64-year-old was finally stripped of all control of his business empire in April this year and is involved in complex legal wrangles on the outcome of the collapse. He says he owes around €194 million to the bank, but disputes the remaining debt.
"I was born, reared and worked all my life in County Fermanagh. It is for this reason that my bankruptcy application was made in Northern Ireland," Mr. Quinn said.
"I have done absolutely everything in my power to avoid taking this drastic decision. The vast majority of debt that Anglo maintains is owed is strenuously disputed.
"However, I cannot now pay those loans which are due, following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building. I find myself left with no other alternative."
Quinn's bankruptcy declaration in the High Court in Belfast means he could be free of his debts in a year. If he had been forced into the same move in the Republic he would be out of business for 12 years.
The IBRC issued a statement disputing that Mr. Quinn is resident in Northern Ireland and claimed the family lives in County Cavan.
The bank told the commercial court in Dublin on Monday it would apply to annul the insolvency proceedings, as it says the Northern Ireland courts do not have jurisdiction over Mr. Quinn.
